Episode 1 closes second fund on €60m

Episode 1 ECF II is 60% larger than its predecessor and was oversubscribed, according to a statement.

Investors
ECFs are backed by the British Business Bank (BBB) and combine private and public money. The UK-government-backed investor committed £36m to the latest Episode 1 fund, marking its 26th ECF commitment.

The vehicle also raised commitments from new and existing institutional investors, with Draper Esprit and ADV backing the firm for the first time. A number of entrepreneurs also made commitments, according to a statement.

Investments
The new fund will make early-stage investments of £500,000-2m in UK technology companies, with a particular focus on emerging technologies such as artificial intelligence.

Episode 1's most high profile investments include new-car comparison site Carwow and hotel booking software company Triptease.

People
Episode 1 – Simon Murdoch (founding partner); Paul McNabb (co-managing partner).
British Business Bank – Ken Cooper (managing director of venture).

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